Loading...
01/11 03:34
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents mixed signals. While there is positive sentiment around long-term strategies, such as the acquisition of Desert Ridge and resilience in out-of-room spend, there are challenges with lead volumes and transient business competition. The Q&A reveals cautious optimism but also highlights uncertainties, such as unclear guidance on Southern Entertainment and potential spin-off timelines. These mixed factors, alongside stable but not exceptional financial guidance, suggest a neutral market reaction.
Consolidated Revenue Record consolidated revenue achieved in Q2 2025, with no specific figures provided. This was driven by strong performance in the hospitality and entertainment segments.
Same-Store Hospitality Adjusted EBITDAre $187 million, a decline of approximately $18 million year-over-year (YoY). This was due to the timing of Easter, a group mix shift from corporate to association, one-time franchise tax refunds received in Q2 2024, and planned wage and benefit increases under the collective bargaining agreement for Gaylord National.
Entertainment Segment Revenue $143 million, a record for the segment. This was driven by recent investments in Category 10, Block 21, and Southern Entertainment.
Entertainment Segment Adjusted EBITDAre $34 million, with a YoY margin decline due to investments in Southern Entertainment and one-time franchise tax refunds received in Q2 2024.
RevPAR (Revenue Per Available Room) Essentially flat YoY, with total RevPAR declining by 160 basis points. The decline was attributed to the timing of Easter and a higher association group mix, which resulted in lower banquet and AV revenue.
Banquet and AV Revenue Declined approximately $16 million YoY, primarily due to a group mix shift and lower in-the-year-for-the-year bookings for travel in Q2 2025.
Leisure Demand Increased approximately 4% YoY, driven by strong performance at Gaylord Palms and Gaylord Rockies, partially offset by softer demand at Gaylord Opryland due to supply-induced challenges in the Nashville market.
Outlet Spend Per Occupied Room at Gaylord Rockies Increased nearly 30% YoY, attributed to the repositioned Grand Lodge performing ahead of expectations.
Same-Store Group Production Trends Gross group room nights booked in Q2 2025 for all future periods were down approximately 15% YoY, but up high single digits compared to the 2019-2023 average.
Entertainment Segment Seasonality Impact Seasonality for Southern Entertainment is heavily weighted to Q2, with unfavorable weather conditions impacting festival attendance and margin performance.
Acquisition of JW Desert Ridge: Ryman acquired the JW Desert Ridge in Phoenix, Arizona, a top acquisition target for over a decade. The property is a large Marriott-managed group hotel with significant leisure demand in a top 10 meetings market. Plans include meeting space renovations, converting office space to breakout rooms, and adding ICE! programming for the 2026 holiday season.
Meeting Space Renovations: Completed presidential meeting space renovations at Gaylord Opryland, representing 40% of the carpet meeting space. Additional food and beverage enhancements were made at Gaylord Texan and Gaylord National.
Entertainment Expansion: First festival season with Southern Entertainment and international expansion of the Opry brand, including performances at Royal Albert Hall in London and Carnegie Hall in New York City.
Phoenix-Scottsdale Market Expansion: The acquisition of JW Desert Ridge positions Ryman in a top 10 meetings market with plans for future resort expansion to accommodate larger groups.
Nashville Market Challenges: Transient occupancy and rate trends in Nashville are temporarily impacted by new hotel supply, but tourism remains robust.
Record Revenue and Adjusted EBITDAre: Achieved record consolidated revenue and second-highest adjusted EBITDAre in the same-store hospitality segment.
Group and Leisure Demand: Leisure demand increased 4%, driven by Gaylord Palms and Gaylord Rockies, while group bookings showed resilience despite economic uncertainties.
Long-term Group Strategy: Focus on building strong customer relationships and advanced bookings for 2-4 years out, ensuring future growth.
Capital Investments: Ongoing investments in properties like Gaylord Palms and Gaylord Rockies are driving superior growth and customer satisfaction.
Economic Uncertainty: The company is operating in an unpredictable economic environment with challenges such as tariffs, inflation, interest rates, and geopolitical issues. These uncertainties have caused some group and leisure customers to delay or proceed cautiously with activities.
Group Attrition and Cancellations: The company anticipates slightly higher group attrition and cancellations in the second half of the year, which could impact revenue.
Nashville Market Challenges: Transient occupancy and rate trends in Nashville are under pressure due to a substantial influx of new hotel supply, leading to softer demand and rate challenges.
Weather Impact on Festivals: Unfavorable weather conditions have impacted festival attendance and margin performance in the Southern Entertainment business.
Group Mix Shift: A shift from corporate to association group room nights has led to lower banquet and AV revenue, impacting overall revenue performance.
Construction Disruption: Renovations at the JW Marriott Desert Ridge are causing some construction-related disruptions, which may affect short-term profitability.
Transient Rate Risk: Incremental transient rate risk for Nashville-based hotel properties has led to a downward revision in financial guidance.
Group demand and bookings for 2026 and 2027: Group rooms revenue on the books for 2026 and 2027 is up 9% and 10% compared to the same time last year for 2025 and 2026, with ADR growth in the mid-single digits. Lead volumes for all future years remain robust, and the sales funnel sits near-record levels.
JW Marriott Desert Ridge acquisition: The acquisition is expected to generate adjusted EBITDAre of $18 million to $22 million for the period of ownership in 2025. Meeting space renovations and capital-light enhancements are underway, with many expected to be completed by Q1 2026. Longer-term plans include a potential resort expansion to accommodate larger groups.
Adjusted EBITDAre guidance for 2025: Revised guidance for full-year 2025 adjusted EBITDAre is in the range of $767 million to $813 million, incorporating the Desert Ridge acquisition and reflecting transient rate risks in Nashville.
Same-store hospitality business outlook: For Q3 2025, RevPAR and total RevPAR are expected to decline low to mid-single digits, with lower adjusted EBITDAre margin. In Q4 2025, RevPAR and total RevPAR growth are anticipated in the low to mid-single-digit range, with adjusted EBITDAre margin expansion.
Entertainment business outlook: Stronger adjusted EBITDAre contribution is expected in Q4 2025 compared to Q3 2025, driven by Opry 100 programming, a strong show calendar for the Ryman, and momentum from recent investments.
Capital expenditures for 2025: Expected to range between $350 million and $450 million, including incremental investments at the Desert Ridge property.
Dividend Policy: The company intends to continue paying 100% of its REIT taxable income through dividends.
The earnings call highlights strong future bookings, optimistic guidance, and growth in key segments like entertainment. Despite some concerns about cancellations and economic factors, the Q&A reveals management's confidence in market recovery and expansion plans. The Desert Ridge acquisition and new developments are positive catalysts. The stock is likely to see a positive movement, especially with robust bookings and anticipated growth in various areas.
The earnings call presents mixed signals. While there is positive sentiment around long-term strategies, such as the acquisition of Desert Ridge and resilience in out-of-room spend, there are challenges with lead volumes and transient business competition. The Q&A reveals cautious optimism but also highlights uncertainties, such as unclear guidance on Southern Entertainment and potential spin-off timelines. These mixed factors, alongside stable but not exceptional financial guidance, suggest a neutral market reaction.
The earnings call summary shows strong financial performance with record revenues and improved profitability. Despite some challenges in bookings and consumer confidence, management has effective plans to mitigate these risks. The strategic acquisition of Southern Entertainment and strong liquidity position further enhance prospects. Although there are concerns about economic uncertainties, the overall sentiment is positive due to solid financial metrics and a maintained dividend policy, suggesting a likely stock price increase in the short term.
The earnings call presented a mixed outlook. Financial performance showed strong growth, with record revenues in hospitality and entertainment, and increased AFFO per share. However, economic uncertainty, potential government business pullbacks, and weaker group business volumes pose risks. Despite optimistic long-term guidance and strong future bookings, short-term hesitancy in bookings and lack of clarity on macroeconomic impacts create uncertainty. The dividend policy is stable, but no share buyback plan was announced. The Q&A did not reveal any strong positive or negative shifts, maintaining a neutral sentiment overall.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
